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Indian equity benchmarks declined on Friday, halting a two-day winning streak. The NSE Nifty 50 fell as much as 1.1% to 23,044 and the BSE Sensex fell as much as 1.1% or 835 points to 74,437. The stock market was closed on Thursday for a public holiday. Fourteen out of 15 sectoral gauges compiled by the NSE fell, led by the NSE Nifty PSU Bank Index's 2.3% fall. On the flipside, the NSE Nifty IT Index was the top sectoral gainer, up 0.9%.
Meanwhile, Oil prices fell as tensions eased in the conflict that has lasted nearly a month. West Texas Intermediate crude dropped 1.5% to $93.07 a barrel, while Brent crude futures fell 0.7% to $100.57 a barrel. Elsewhere, Asian markets today tracked Wall street losses. South Korea's Kospi fell 4.16% to 5,233.06, while Japan's Nikkei 225 declined 1.90%. Australia's ASX 200 was down 0.79%. Shanghai fell 0.95% and Hang Seng declined 0.35%.
The company said the project has a revenue potential of Rs 700 crore.
Canara Bank led the decline, falling 3.63%. Bank of Baroda dropped 3.52%, Union Bank fell 3.45%, and PNB declined 3.42%.
Bank of India was also among the main losers, down 3.17%.
Infosys rose as much as 1.2% to Rs 1,295 after announcing two acquisitions worth $560 million, or Rs 5,247 crore.
The company will acquire Optimum Healthcare IT for $465 million and Stratus Global for up to $95 million. The deals deepen Infosys’ presence in the US healthcare and insurance segments and are expected to close by Q1FY27. With these transactions, Infosys now has three acquisitions pending closure, including the earlier Versent deal.
The stock also found support from the rupee hitting a record low. A weaker rupee typically helps IT companies because they earn a large share of revenue in US dollars, while a significant part of their costs is in rupees.
IOC fell 1.65%, HPCL was down 0.68%, and BPCL declined 0.63% in trade.
The buyers and sellers were not known immediately.
The buyers and sellers were not known immediately.
Nifty PSU Bank was the worst-performing sectoral index, falling 2.3%.
Nifty IT was the only sectoral gainer, rising 0.9%.
Infosys was the top positive contributor, adding 10.24 points to the Nifty. TCS, HCL Tech, ONGC and Tech Mahindra also supported the index, contributing 8.26, 4.65, 1.97 and 1.02 points respectively.
Sensex declined as much as 1.1%, or 835 points, to 74,437.
Sensex declined 0.6%, or 500 points, to 74,765.
The local currency fell as much as 94.17 at the open.
The court directed Dr Reddy’s to pause the launch and sale of Olymviq till Friday.
The company has been asked to inform the court whether it will drop the name. The court said similar brand names could lead to confusion.
He said petrol prices for customers may remain unchanged despite the duty move.
Surana said the government’s step is aimed at supporting the sustainability of oil marketing companies, with the government and OMCs sharing the impact of the situation.
The MoU covers the expansion of manufacturing units in Karnataka.
The estimated investment for the project is Rs 2,856 crore, according to an exchange filing.
The resolution amount for the acquisition is Rs 700 crore, according to an exchange filing.
The board has also approved the transfer of the licensing content business to its arm ZI-IPR.
Zee will invest Rs 500 crore in ZI-IPR through optionally convertible debentures and Rs 20 crore to acquire a 51% stake in CORE Pvt.
The company said the award has been issued to a consortium of SEAMEC and Supreme Hydro, according to an exchange filing.
Morgan Stanley maintained its Equal-weight rating with a target price of Rs 1760. It said the Optimum Healthcare IT and Stratus deals could account for 1.2% of FY27 revenue and may be neutral to slightly dilutive to earnings due to lower EBIT margins and amortisation costs. It added that Optimum Healthcare IT is still awaiting regulatory approval.
Citi maintained its Neutral rating with a target price of Rs 1395. It said the two acquisitions could add 1.6% to annualised revenue, but flagged the need to assess profitability, the sharp jump in Optimum’s CY25 revenue after a decline in CY24, and integration risks.
The brokerage expects revenue, EBITDA and profit after tax to grow at a CAGR of 19%, 21% and 25% over FY25-28.
Anand Rathi said the company’s valuation is supported by focused expansion, an asset-light model and cash flow. It added that a technology-led supply chain and hub-and-spoke distribution support execution.
The brokerage said Vishal Mega Mart plans to add 80-100 stores every year, with South and West India still underpenetrated. It also said private labels remain central to growth, while the company’s focus on lower- and middle-income consumers and its presence in tier-2 and tier-3 markets support growth.
The brokerage expects revenue to grow at a CAGR of 15% over FY26-28, while profit after tax is seen rising at a 16% CAGR over the same period. It expects EBITDA margins to remain above 70%.
Motilal Oswal said the company is placed to benefit from growth in India’s mutual fund industry and expects mutual fund quarterly average assets under management to grow at a 17% CAGR over FY26-28.
It added that yields remain stable despite the telescopic TER structure and a larger asset base, supported by a steady equity mix, performance and distribution discipline.
The government has reduced the special additional excise duty on petrol to Rs 3 per litre from Rs 13 per litre.
The special additional excise duty on diesel has been cut to nil from Rs 10 per litre.
Ola Electric has launched a campaign and is offering electric vehicles at Rs 49,999.
Power Mech Projects is on the watchlist after its order book was reduced by Rs 1,563 crore.
Tolins Tyres, Shree Tirupati Balajee, Saatvik Green Energy, Gujarat Kidney & Super Speciality and Gaudium IVF are on the watchlist as their lock-in period ends.
The deals deepen Infosys’ presence in the US healthcare and insurance segments and are expected to close by Q1FY27. With these transactions, Infosys now has three acquisitions pending closure, including the earlier Versent deal.
Optimum Healthcare IT is a healthcare IT digital transformation company serving US hospitals and payers. Infosys said the deal will expand its healthcare presence, add new clients and bring more than 1,600 experts. Optimum reported CY25 revenue of $275.9 million.
Stratus Global serves property and casualty insurers and focuses on insurance technology. Infosys said the deal will strengthen its insurance business and support AI-led digital transformation. Stratus reported CY25 revenue of $42.8 million.
The two deals are expected to add to revenue growth, though both may be marginally dilutive to earnings per share in the initial years. Infosys’ three pending acquisitions are estimated to contribute 2.0% to 2.5% inorganic growth in FY27.
The company said the reports of buying Iranian oil are entirely baseless.
The brokerage said the business did not scale as management had expected at the time of the 2023 acquisition and had weighed on margins and cash flow.
Morgan Stanley said the exit fits management’s framework for non-strategic businesses and sees the transaction as slightly positive, adding 1.5-2% to market value.
The brokerage said injectable prices are in the Rs 1,290-4,500 a month range. Natco and Glenmark are at the lower end, while Dr Reddy’s and Torrent are priced higher. It added that Torrent alone is selling the oral form at smaller discounts.
Jefferies said most brands are sold out online due to supply mismatch and tighter regulation. It added that strict prescribing norms favour companies such as Sun Pharma, Lupin and Torrent.
The brokerage said if the conflict continues for longer, it could affect net interest margins, growth and asset quality, in that order.
It said working capital demand has risen, while some capex is slowing. Jefferies added there has been no move on moratoriums with the RBI so far, as the impact is not yet broad. It said collections in April will be important to watch and reiterated that Nifty Bank price-to-book is near lows, offering attractive risk-reward.
The brokerage said one month of no work for L&T in the Middle East could mean a 6-8% hit to annual earnings per share.
Jefferies said NTPC and JSW Energy could see upside from a recovery in power demand and execution. It added that margin expansion could support Siemens Energy and Hitachi Energy, while Cummins offers visible FY25-28 earnings growth and return ratios.
In defence, Jefferies said Bharat Electronics remains a core holding, while some contra investing has started in Hindustan Aeronautics. It added that KEI stands out for its exposure to multiple end markets.
The brokerage has cut its earnings growth forecast for India by a cumulative 9 percentage points over the next two years and said consensus estimates could see meaningful cuts over the next two to three quarters. It also lowered its 12-month Nifty target to 25,900 from 29,300.
Goldman Sachs said near-term investor sentiment could stay soft and prefers defensive sectors over cyclical ones. It is overweight on banks, staples, telecom, defence and energy, while downgrading cyclicals and downstream sectors such as durables, autos, NBFCs and OMCs.
The brokerage said macro risks may rise in early FY27 and expects the recovery to remain slow and uneven. It said management commentary on Middle East impact, total contract value trends and AI will be in focus.
Citi said margin trends need monitoring, though a weaker rupee could help in the near term. It remains cautious on the sector and prefers Infosys and HCL Tech among large-cap names.
In the Asia Pacific ex-Japan relative-return portfolio, the weighting in Australia and India has been cut by two percentage points each.
The weighting in Taiwan has been increased by four percentage points.
It said the reward-risk balance looks better for the medium term.
Kotak added Coforge, Embassy REIT, Eureka Forbes, Federal Bank, Home First, Jubilant Food and Vishal Mega Mart to its mid-cap portfolio. It added DLF, Godrej Consumer and Info Edge to its large-cap portfolio.
The brokerage reduced weight on Reliance Industries and increased weight on M&M.
The brokerage said companies are passing on cost increases in phases, which should help ease near-term cost pressure.
Nomura said strong summer demand remains the key factor to track, as the outlook for demand and margins will depend on the season.
West Texas Intermediate for May delivery dropped 1.5% to $93.07 a barrel.
Brent crude futures fell 0.7% to $100.57 a barrel.
Australia’s ASX 200 was down 0.79% at 8,458.10.
Hang Seng index futures were at 24,782, below the last close of 24,856.43.
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